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Payroll Management is simply used to build an application program for maintaining the records of employees working in the company. A payroll system involves everything that affects the salary of employees such as: Keeping a track record of leaves, records of timings, medical bills and medical leaves for reimbursement, employee loans, child support payments, tax deductions, employee contribution towards PF, etc.
Before we go further to understand the statutory compliances in Indian Payroll System, let us understand the basic aspects of payroll management system. Maintaining records of payroll transactions, processing of pay-checks and payments to temporary staff or contract labour.
Maintaining leave and time record registers, preparing of holiday chart, adjusting the leaves of employees etc. Providing easy CTC break-up calculations in order to plan the tax of employees and reduce their burden.
It requires fixing of minimum wages for the various skilled and unskilled laborers. It guarantees minimum survival for the workers and helps their families to take care of their education and medical needs as well.
The Payment of wages Act, guarantees payment of wages on time and without deductions except those specially authorized by the act.
Under the act wages should be paid before the expiry of 7th day of the next wage period where less than workers are working and before the expiry of 10th day of the next wage period where more than workers are working.
A Women employee is entitled to maternity leaves of 26 weeks amended in from 12 to 26 at a rate of her daily average wage for the period of absence maximum to 26 weeks. Employee receives this amount at the time of leaving the job.
Gratuity is the amount given by employer to the employees at the time of leaving of their job when they have completed their five years of service. The employee who has served an organization for a period of five years has the right to receive this gratuity.
Every establishment should maintain record of Approval from Department of Labor, maintaining of records of employment, fines, deductions, salary, advances, holidays, etc. Working hours per day and per week should be maintained and working conditions requirement for children should be taken care of.
Contractor may employ contract labor only after obtaining a valid license from the licensing officer. The contract labor should be paid minimum wages and his wages should be paid every month.
Proper records should be maintained for contract labor as is done for permanent labor. Every employer is required to deduct TDS under section of Income Tax Act,if the salary is above the highest amount exempt from tax.
For which FormQ and Form needs to be filed. Professional Tax or employment tax is a state-based tax. It is one of the statutory deductions from the gross income before computing the tax. The above are the major statutory compliances in the Indian Payroll System. If you have any further query or need detailing, feel free to write to us or you can also speak to our representatives on, Submit a Comment Your email address will not be published.What does Indian Education Do?
Indian Education provides many services for MPS Native students and families. A few examples include: Support for Instruction.
The Indian River County Library System includes a Main branch located in downtown Vero Beach, a North branch located in Sebastian, a Western branch located at the Brackett Library on the Indian River State College Mueller Campus, a Gifford branch within the Gifford Youth Achievement Center and a Law Library located on the 2nd Floor of the Main branch.
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Profit Tax / Individual Tax / VAT / Miscellaneous. The following types of tax, applicable in other countries, are not applicable in the Principality of Monaco: – Income tax – Wealth tax.
Know about Tax System in India and the recent changes made in the Indian Taxation System. Also know about the tax levied by the central government, state government, local bodies and the tax incentives in India5/5(23).
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